In what way does my ID and proof of funds have anything to do with my conveyancing in Penn? Why is this being asked of me?
Anti-terror and anti-money-laundering rules require solicitors and licensed conveyancers to verify the ID of the person or body they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you need to sign should reaffirm this. Your lender will also require certain documents to be checked. Where you are unwilling to supply ID verification documents, your lawyer would not be able to act for you.
Please explain the implications if my lawyer’s firm is suspended from the Virgin Money Solicitor panel ahead of completing my conveyancing in Penn?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
Have purchased a a semi-detached house in Penn , What is the estimated time for the Land Registry to deal with the formalities evidencing my proprietorship? My Penn conveyancing solicitor works at snail pace, so I want to be certain the land registry aspects are addressed.
As far as conveyancing in Penn is concerned, registration is no quicker or slower than the rest of the country. As opposed to being determined by geographic area, timescales can vary subject to the party submitting the application, whether there are errors and if the Land registry communicate with any other persons or bodies. At present roughly three quarters of such applications are fully addressed in less than three weeks but occasionally there can be longer delays. Historically registration takes place after the buyer is living at the premises therefore 'speed' is not always top priority but if it is urgent that the the registration takes place urgently then you or your solicitor can contact the land registry and explain the circumstances.
I'm buying a new build house in Penn with a mortgage from Barclays Direct. The developers refused to reduce the price so I negotiated five thousand pounds worth of extras instead. The estate agent told me not inform my lawyer about this side-deal as it could adversely affect my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I opted to have a survey carried out on a property in Penn ahead of appointing solicitors. I have been told that there is a flying freehold aspect to the house. My surveyor has said that some banks will not give a mortgage on such a property.
It varies from the lender to lender. Bank of Scotland has different instructions from Halifax. Should you wish to call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Penn. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Penn to see if the conveyancing costs will increase in light of this.
My cousin has suggested that I instruct his lawyers for conveyancing in Penn. Should I find my own conveyancer?
Much as we are happy to recommend a Penn conveyancing lawyer the ideal way to select a conveyancing solicitor is to seek feedback from friends or relatives who have previously instructed the firm that you are considering.